VAB Bank signed the cooperation agreement with the International Bureau of Credit Histories (IBCH). According to the agreement VAB Bank will share the information about its borrowers with the IBCH. On the other hand the Bureau will provide access for the bank to credit reports and such accessory services as lost passports database, client monitoring system in order to optimize loan portfolio management, etc.
Irina Mykolayenko, President of the International Bureau of Credit Histories noted: “At present the Bureau signed contracts with more than 70 financial institutions. More and more market players realize the advantages of cooperation with IBCH and we plan to sign a number of cooperation agreement with large banks in the immediate future, and thus significantly extend our database”.
The IBCH data base contains information about more than 1.2 million borrowers. The Bureau is developing dynamically. At the beginning of the year, IBCH processed about 1 thousand requests a week only, while at present this figure is over 8 thousand with the search efficiency of 30-35%. VAB Bank is one of the active players in the retail lending market and will exchange information with the Bureau on a daily basis, checking more than 800 clients per day.
Peter Baron, VAB Bank CEO: “By signing the cooperation agreement with IBCH, VAB Bank adds to the development of the credit history bureau system in Ukraine. It is a common practice all over the world and this agreement is another small step of Ukraine towards the modern financial services market. On the one hand, we contribute to the bureau’s database, and on the other hand we get access to its database as well as other services ”.
Reference dataVseukrainsky Aksionerny Bank (VAB Bank) has been operating in the Ukrainian financial market since 1992 and belongs to the group large banks in Ukraine according to NBU. In October 2006, VAB Bank became a member of VAB Group. Branch network consists of 25 branches and 143 outlets throughout Ukraine and a representative office in Budapest (Hungary). A large international company, TBIF Financial Services (Amsterdam, the Netherlands), is among the bank’s shareholders. Total assets of VAB Bank amounted to UAH 6.7 billion as of 01 July 2008.
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